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SBP foreign reserves rise $281mn to $16.4bn

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by US$281 million and were recorded at $16,414 million during the week ending on June 4, ARY News reported.

According to the data released by the central bank, net reserves held by the SBP stood at $16,414.9 million.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $23,577 million.

Net reserves held by banks amounted to $7,163 million.

Federal Finance Minister Shaukat Tarin unveiled on Thursday the Pakistan Economic Survey 2020-21.

The minister told the media that despite the challenges the country faced due to the COVID-19 pandemic, the economy has witnessed a V – shaped recovery, adding that the current economic recovery has been achieved without compromising internal and external stability.

He maintained that manufacturing has witnessed broad-based growth as major sectors of LSM have shown significant improvement i.e., Textile, Food Beverages & Tobacco, Non-Metallic Mineral Products and Automobile. First nine months of FY2021 recorded highest period wise growth of 8.99 percent since FY2007.

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